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19 Cards in this Set
- Front
- Back
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What should happen before an owner pays a contractor?
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The owner's inspector or representative reviews the payment request.
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True or False?
Longer jobs are often paid out in one comprehensive payment. |
False. Longer jobs often involve progress payments (i.e. monthly)
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What are progress payments?
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Partial payments for work completed during a portion of a construction period.
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True or False?
Unit-price payments are found more frequently in public works contracts. |
True
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True or False?
Lump-sum payments often require that the inspector keep a daily tally of materials used or labor performed. |
False, this is true of Unit-Price payments
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When making progress payments, what one thing must the inspector be certain about?
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That all items for which the contractor has claimed payment have been completed.
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Unit prices often include costs for...?
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Supply and Install
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Most contracts deduct an amount for this from the amount earned during that period.
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Retainage
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What is retainage?
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The amount held by the owner until the final completion of the contract.
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Give two reasons why most contracts will use retainage in their progress payments.
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1) Gives the owner the resources to complete the project, in case of a breach.
2) Covers material supplier and subcontractor liens on the project |
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True or False?
When making progress payments, materials don't include those that are delivered to the jobsite. |
False.
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Materials can include those that are stored away from the jobsite, in progress payments.
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True.
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What is the owner's primary concern with materials and progress payments?
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Stored materials are in fact incorporated into the projects.
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True or False?
In most cases, progress payments are legally comparable to advances. |
True.
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True or False?
In most cases, payments legally signify acceptance of work. |
False.
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What are three types of earthen materials pay quantities?
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1) Bank cubic meter
2) Loose cubic meter 3) Compacted cubic meter |
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Why use pay quantities for earthen materials?
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A given mass of soil material will occupy different volumes depending on its state of compaction.
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True or False?
The owner may reject the schedule of values submitted and request a revision by the contractor. |
True
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What are some reasons why an owner may reject the schedule of values?
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- excessive front-loading: a common method of allocating overhead and profit
- insufficient detail of construction activities - noncompliance with contract requirements |
